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The electric and natural gas utility reported first-quarter earnings on April 27 of $156 million, or 91 cents a share, down from year-earlier earnings of $176 million, or $1.04 a share.

"DTE combines regulated electric and gas utilities in Michigan with a portfolio of non-regulated assets," Bank of America Merrill Lynch analysts wrote in an April 30 report. "While we like DTE's long-term fundamental story, we believe it is fully reflected in the current stock price. For much of the year, DTE has outperformed the regulated group. While we appreciate the company's improved regulatory environment, we do not see much upside for DTE beyond what it has already achieved."